CARLSBAD, Calif. -- Private funeral services were being planned Tuesday for Sid Craig, who co-founded the Jenny Craig weight-loss company in the 1980s along with his wife and helped turn the small chain into an international success story.

Craig, 76, died at his San Diego home Monday, according to the Carlsbad-based firm.

"Sid was a true pioneer in the weight-loss industry, having been involved for over 40 years," said company CEO Patti Larchet. "Together, he and Jenny built the strong foundation of our company's values, culture and mission of improving people's lives by helping them lose weight and keep it off. I personally feel so very fortunate to have known such a talented and generous mentor and friend. He will be dearly missed."

Craig was born in Vancouver, British Columbia, and in the mid-1950s he was a part-time instructor and entrepreneur at Arthur Murray Dance Studios. He eventually purchased five studio franchises and was elected to the company's board of directors.

In the 1970s, he purchased a stake in a small chain of salons and formed Body Contour Inc. While working to expand that company, he met Jenny Guidroz Bourcq, who became his national director of operations. They married in 1979.

After selling their interest in Body Contour Inc. in 1982, the couple moved to Melbourne, Austrailia, and developed Jenny Craig Inc.

The company grew into a multi-national business with 655 centers in four countries. In 2006, Nestle purchased Jenny Craig Inc. for $600 million.

The Craigs owned a 237-acre thoroughbred horse racing stable and breeding operation in Rancho Santa Fe and are minority owners of the NBA Phoenix Suns franchise. Sid Craig was also a classic car collector, purchasing vehicles owned by Franklin D Roosevelt, Dean Martin and Al Capone.

The Craigs were also active philanthropically, contributing to organizations such as San Diego Hospice, Easter Seals, United Way/CHAD and the Susan G. Komen Breast Cancer Foundation. In 1992, Sid Craig pledged millions to CSUF for the School of Business and Administrative Sciences, which was renamed The Sid Craig School of Business.

In 1996, Sid and Jenny Craig provided funds toward the construction of the University of San Diego's Jenny Craig Pavilion.

Sid Craig is survived by his wife, their five children and 13 grandchildren.